TYPHOON DAMAGE. Members of Iglesia ni Cristo’s SCAN Worldwide ferry residents and their pets to increased grounds amid floods alongside Araneta Avenue in Quezon Metropolis on Wednesday (July 24, 2024). The Bureau of the Treasury mentioned on Thursday (July 25) the restore and rehabilitation of public colleges broken by Storm Carina shall be coated below the Nationwide Indemnity Insurance coverage Program. (PNA picture by Ben Briones)
MANILA, Philippines – The Bureau of the Treasury (BTr) mentioned it’s going to file a declare below the Nationwide Indemnity Insurance coverage Program (NIIP) for the injury incurred by 45 public colleges in eight areas as a consequence of Storm Carina.
In a press release on Thursday, the BTr mentioned the NIIP, which started on Jan. 1, 2024, supplies complete cowl to authorities belongings in opposition to hearth, lightning, typhoons, floods, earthquakes, and volcanic eruptions.
This system is a part of the nation’s Catastrophe Danger Finance technique, which goals to guard the federal government’s fiscal well being, present speedy liquidity post-disaster, and scale back the impression of disasters on essentially the most susceptible.
For its pilot run, the BTr secured protection for 132,862 college buildings nationwide, with an insured worth of P843.11 billion.
The BTr, citing knowledge from the Division of Training (DepEd), mentioned injury to public colleges has amounted to P308.5 million.
The BTr, DepEd, and the Authorities Service Insurance coverage System (GSIS) are actively coordinating the submitting of insurance coverage claims below the NIIP.
“The implementation of this system underscores the dedication of the Bureau and the Division of Finance to make sure the nation’s monetary resilience in opposition to disasters. We’re actively coordinating with each DepEd and GSIS to make sure the well timed evaluation and payout of this system,” Nationwide Treasurer Sharon Almanza mentioned.
As soon as a payout is confirmed, the DepEd will use the funds for the restore and reconstruction of the broken colleges.
“I commend the Bureau of the Treasury for its proactive steps in implementing the Nationwide Indemnity Insurance coverage Program. Defending our nationwide belongings is essential for making certain the financial safety of our folks. Broken college buildings pose a big menace to this safety, as they’re the very locations the place we nurture the potential of our nation’s best treasure—our college students,” Finance Secretary Ralph Recto mentioned.
“Poor college amenities negatively impression each lecturers and college students, resulting in decrease human capital growth, lowered financial productiveness, and protracted poverty. Thus, we should prioritize investing in resilient college buildings to safe a greater future for our kids and our nation,” Recto mentioned.
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